OECD: A Brexit would wreck the UK economy — and take Europe down with it

Britain's GDP could be 5% lower by 2030 if it leaves the EU
compared to staying, according to a report by the Organization for Economic
Cooperation and Development (OECD).

The trade alliance of 34 nations says a Brexit would hurt the
whole world by leading to "economic uncertainty and hinder trade
growth, with global effects being even stronger if the British
withdrawal from the EU triggers volatility in financial markets."

The EU GDP would fall 1% overall by 2020 if the UK left, the OECD
projects, and "by 2018, there would be a significant hit to
activity in other European economies, especially those who have
strong economic linkages with the United Kingdom."

The ramifications would also go beyond the EU, with "many
non-European economies also experiencing a decline in output due
to weaker demand in Europe."

The OECD is downbeat on the state of the global economy overall,
saying it was "stuck in a low-growth trap that will require more
coordinated and comprehensive use of fiscal, monetary and
structural policies to move to a higher growth path and ensure
that promises are kept to both young and old."

Secretary-General Angel Gurría says:

Slower productivity growth and rising inequality pose further
challenges. Comprehensive policy action is urgently needed to
ensure that we get off this disappointing growth path and propel
our economies to levels that will safeguard living standards for
all.

Meanwhile, the EU referendum is still too close to call despite
being just three weeks away. Opinion polls are all over the place
— YouGov and ICM polls had the Remain and Leave sides neck and
neck, though phone polls suggest
Remain has a big advantage. Bookmakers are currently offering
odds of 4/1 on a Brexit.

Chancellor George Osborne has been campaigning hard for Britain
to remain in the EU, recently agreeing with the IMF that a Brexit
would hurt UK investment and public spending.